Europe’s STOXX 600 index fell on Wednesday as investors fretted about runaway inflation, the prospect of more interest rate hikes and a mixed batch of earnings reports.

The region-wide STOXX 600 index ended 0.5% lower, snapping a four-day rally that was mainly driven by hopes of a better-than-expected earnings season and the UK’s fiscal policy reversal.

Data showed UK inflation hit 10.1% in September, matching the 40-year high touched in July, and putting more pressure on the Bank of England to step up interest rate hikes to rein in surging prices.

Euro zone September consumer inflation was revised marginally lower to 9.9% from 10%, but was still at a record high, underlining market expectations of more interest rate rises before the end of the year.

More than half of the sectors on the STOXX 600 declined, with real estate and retailers leading the losses. The technology sector was boosted by strong results from ASML Holding NV.

ASML’s shares jumped 8.2% after the chip equipment maker reported upbeat third-quarter sales and profit, and said it did not expect a large impact from U.S. sanctions on China.

Just Eat Takeaway.com rose 1% after Europe’s largest meal delivery company said it recorded an underlying quarterly profit earlier than expected.

Handelsbanken jumped 6.2% after the Swedish bank reported forecast-beating record earnings, as interest income jumped in an environment of rising inflation and tighter monetary policy.

“Earnings numbers (are) all good but global inflation, macro events are going to take precedent,” said Michael Baker, head of online services at Oval Money. “The only way to combat inflation is to aggressively hike rates and so what the market is expecting now is a lot more aggression from central banks.”

Nestle dipped 1.3% after the world’s largest packaged food company’s CEO raised concerns about the “challenging economic environment” affecting consumers’ purchasing power.

Sartorius dropped 16.6% after the Franco-German lab equipment maker said it expected 2022 revenue to reach the lower half of its outlook.

Royal Unibrew slid 14.6% after the Danish brewery cut its full-year outlook, citing inflation-driven pressure on consumer behaviour.

Shares of rival Campari and Carlsberg lost 2.7% and 3.5%, respectively, while Finnish brewery Olvi dipped 2%. Olvi posted third-quarter results, which were also hit by rising price pressures.

Fresenius SE gained 4.5% on a report that Elliott Investment Management has taken a stake in the diversified healthcare company.